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Voluntary products are a growing interest for employees and an important component of an employee benefits plan, making them an integral piece in a comprehensive benefits offering. Wisconsin employers are becoming more aware of the importance of voluntary offers to reduce and control health and welfare costs while meeting the needs of their existing and potential employees.
And with the interest in voluntary products on the rise, it is important to ensure your organization is offering voluntary benefits that are being used by employees. When employees are not actively engaged in your benefit plan, it is a wasted effort.
Follow these tips to roll out a successful voluntary benefits program:
Get to know your employees
If you offer the wrong benefits, your employees will not enroll. So be sure to offer voluntary benefits that are based on what you know about your employees needs. These needs may be based on your workforce demographics, life events or gaps in the core coverage offerings. Survey your employees to find out their preferences and add benefits that address those wants and needs.
Research your competitors
Your employee benefits package can make you stand out from your competitors to prospective employees. Research and benchmark the benefits that other Wisconsin employers in your industry are offering to help you compete for and retain top talent. Ensure your voluntary benefits packages are in line with those offered by your competitors and try to build upon their offerings to be more attractive to employees.
Ease of enrollment
Incorporating multiple enrollment channels that cater to the wants and needs of your employees will make sure everyone is comfortable. If you have a multi-generational workforce, this may mean offering both online and call-in options to accommodate everyone and increase engagement.
Communicate and educate employees
Offer group meetings and training sessions as well as one-on-one opportunities to successfully roll out your program. The group meeting is a great way to give employees their first look of the voluntary benefits that will be available and one-on-one sessions will assist in making sure employees understand how products fit their needs and allow them to ask questions they may not feel comfortable discussing in group settings.
After enrollment has taken place, conduct a follow-up meeting to assess what is working and what isn’t to plan future strategies. Once your program has been in place for a period of time, survey your employees and assess your carrier, program and process and analyze feedback for more engaged employees.